The global M-commerce payment market value was US$ 7,345.21 billion in 2020 and is forecast to reach US$ 33,153.12 billion by 2030 with a growing compound annual growth rate (CAGR) of 16.3% during the forecast period from 2021-2030.
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The term mobile commerce (m-commerce) refers to electronic sales and commerce conducted through mobile phones. It allows consumers to conveniently pay for goods & services via mobile devices and involves the buying and selling of goods and services via mobile. Mobile dominance and dependence have increased significantly. M-commerce payment applications allow consumers to conduct payments anywhere and anytime, further transforming the consumer shopping experience.
The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Factors Influencing Market Growth
- A primary factor driving the market is the increasing adoption of M-commerce payments for online shopping and banking payments because of the reduced transaction time and convenience.
- Increasing smartphone penetration, fast internet connectivity, increased consumer preference for M-commerce, and massive adoption of this payment channel by merchants are accelerating the growth of the global M-commerce payments market.
- Data breaches and payment gateways that are expensive and geo-located slow down the growth of the market.
- In developing economies, M-commerce payment companies have significant opportunities to expand their offerings due to factors such as the rise of the middle-class population, rapid urbanization, rising literacy levels, and the emergence of a tech-savvy young generation. A potential growth opportunity for the market will also arise from initiatives and developments related to digital payments.
Impact Analysis of COVID-19
Globally, the COVID-19 pandemic significantly affected the global M-commerce payment industry, as consumers increasingly use digital and online payment methods. Due to consumers becoming familiar with the payment technology in the market, the M-commerce payments market has experienced massive growth. As a result, banks and fintech companies are offering their customers m-commerce payment options across the globe to speed up their transaction process and enhance digitalization in the market. Thus, the global health crisis has become one of the major growth factors for the global M-commerce payment market.
Regional Insights
Asia Pacific is forecast to grow at the highest CAGR during the forecast period. Electronic payments are becoming increasingly popular in Asia-Pacific. The mobile payment market is experiencing growth in countries like India, Japan, China, and Australia.
The demonetization act in India has increased awareness of other modes of payment other than cash (which is a major medium of transaction across Asia-Pacific).
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Leading Competitors
The leading prominent companies profiled in the global M-commerce payment market are:
- ACI Worldwide, Inc.
- Alphabet Inc. (Google)
- Apple Inc.
- FIS
- Fiserv, Inc.
- Ingenico
- Mastercard
- PayPal Holdings, Inc.
- Square, Inc.
- Visa, Inc.
- Other Prominent Players
Scope of the Report
The global M-commerce payment market segmentation focuses on Payment Method, Transaction Type, End-User, and Region.
Segmentation based on Payment Method
- Mobile Web Payments
- Near-field Communication
- SMS/Direct Carrier Billing
- Others
Segmentation based on Transaction Type
- M-retailing
- M-ticketing
- M-billing
- Others
Segmentation based on End-User
- Banking FinancialServices and Insurance (BFSI)
- IT and Telecommunication
- Retail
- Healthcare
- Government
- Media and Entertainment
- Transportation and Logistics
- Other End-user Industries
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Segmentation based on Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
What is the goal of the report?
-The market report presents the estimated size of the ICT market at the end of the forecast -period.
-The report also examines historical and current market sizes.
-During the forecast period, the report analyzes the growth rate, market size, and market valuation.
-The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
-The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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